Sui Network TVL Reaches $1B Milestone, Surpassing Polygon and Scroll

In less than two years since its Mainnet launch, Sui has achieved a remarkable milestone, reaching $1 billion in Total Value Locked (TVL) across its decentralized finance (DeFi) ecosystem.

Sui, a layer-1 blockchain renowned for its parallel transaction processing and high throughput, has announced that its decentralized finance (DeFi) ecosystem has now surpassed $1 billion in Total Value Locked (TVL).

This remarkable achievement arrives less than two years after Sui's Mainnet launch, a testament to the rapid adoption and thriving development activity within the Sui community.

Some of the leading DeFi protocols on the Sui network include:

- Navi Protocol: $371M TVL

- Cetus Protocol: $174M TVL

- SuiLend Protocol: $170M TVL

- Scallop: $170M TVL

- Aftermath Finance: $99M TVL

Moreover, DeepBook v2, Sui's decentralized order book, has seen impressive engagement with over 736,000 wallets utilizing the platform. DeepBook v2 has processed more than 100 million transaction blocks and generated over $5 billion in trading volume.

An upgraded DeepBook v3 testnet also showcased remarkable activity, engaging 120,000 wallets and processing 1.3 million transaction blocks within just two weeks.

Launched in May 2023, Sui's native token, $SUI, powers the layer-1 blockchain that employs its own consensus and validation mechanisms to handle transactions on the network. Some of Sui's key features include:

- Parallel transaction processing for high throughput

- An object-centric data model tailored for ownership and asset management

- Instant transaction finality, minimizing uncertainty

- Horizontally scalable architecture without performance bottlenecks

- Built-in support for NFTs, Web3 applications, and DeFi

- Developer-friendly tools and modular architecture for easier development

Recently, Sui also integrated Circle's USDC, a move that has further generated community excitement.

This integration enables developers to create seamless cross-chain transactions with networks like Ethereum and Solana, positioning Sui as a strong contender in the blockchain landscape.

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